Lieutenant Governor to Back NASCAR Speedway

Washington Lt. Gov. Brad Owen announced today he'll officially add his
official support to bills in the state House and Senate that would
create the funding mechanism for a motorsports facility in Washington.

Owen has largely been seen as a track supporter, having organized a
public meeting in May between speedway supporters and legislators. Owen
issued a press release stating he'll request legislation next week.

"This track should be built. It's important to the state's economy
and would provide thousands of local jobs. A NASCAR track would be like
bringing two Super Bowls to the state of Washington every year," Owen
said.

International Speedway Corp. of Daytona Beach, Fla., is asking the
state for help in building a speedway in the state and has pinpointed
South Kitsap as its one and only site for now.

The company disclosed Wednesday that the new legislation would ask
for authorization to issue $164 million in bonds backed by sales taxes
track supporters say race fans would generate.

The company would pay $180 million plus cost overruns and facility
improvements during the life of the bonds. Another $24 million would
come from bonds issued against taxes on race tickets.

The legislation proposed this year is expected to be less
location-specific than the bill ISC floated but never had introduced
last year, a point Owen pointed to in his statement.

"The proposed site (near Bremerton National Airport) would be a
great location for NASCAR. But if for some reason the project cannot go
forward there, the funding mechanism will remain in place so the
project may still proceed elsewhere in Washington," Owen said.

State Rep. Geoff Simpson, D-Covington, said he plans to introduce
the bill in the House. Senate sponsors have yet to come forward.

ISC officials said Wednesday they expect the bill to be introduced
in both houses of the Legislature next week.